Solar Panel Cost Guide in Cold Spring, MN (2024 Update)
- Cold Spring Solar Installation Cost: $20,049
- 25-Year Savings: $18,333
- Payback Period: 15.4 Years
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Average Cost of Solar Panels in Cold Spring
We go over average solar pricing in Cold Spring.
The average cost of a solar panel system in Cold Spring is 4 per watt.Using this figure, a typical 7.1-kW system would cost about $20,049 before the 0 federal solar tax credit is applied.
Keep in mind that the numbers above are only averages. The price you’ll end up paying for solar may vary based on your household energy needs, the type of solar panels you choose, your solar contractor and more.For many homeowners, the upfront investment in solar is worth paying. On average homeowners in Cold Spring see about $17,000 in savings on energy bills over 20 years.
For a customized quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Cold Spring
| Year | Return on Investment |
|---|---|
| 1 years | $-18,770 |
| 3 years | $-16,211 |
| 5 years | $-13,652 |
| 7 years | $-11,093 |
| 9 years | $-8,534 |
| 11 years | $-5,975 |
| 13 years | $-3,417 |
| 15 years | $-858 |
| 17 years | $1,701 |
| 19 years | $4,260 |
| 21 years | $6,819 |
| 23 years | $9,378 |
| 25 years | $11,937 |
Top Solar Installers in Cold Spring
When going solar, many homeowners decide to go with a solar installer since DIY solar panel installation can be a difficult project. Solar warranties and repairs are ordinarily included in the cost of installation when you go with a solar contractor as well, which can save you more money after your initial investment.
If you're searching for a solar company in Cold Spring, the EcoWatch team has compiled a list of our top suggestions here:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
See all of the solar companies in Cold Spring
Factors that Affect Solar Panel Costs in Cold Spring
For many Cold Spring homeowners, the decision to install solar panels rests on cost. However, the range of solar installation costs can be quite wide in Cold Spring, with typical prices between $20,000 to $40,000. There are a number of factors that greatly influence the price you’ll pay, which we'll go over below.
Solar Equipment
The size of the solar system you need, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by nearly $4,030. Some solar panel brands — like Maxeon from SunPower — are more costly upfront but also tend to offer better efficiency. In a city like Cold Spring, where sunlight isn’t as abundant, efficiency can quickly pay off. Also, if you have a small roof or limited space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Cold Spring to be prohibitively steep, even if the investment pays off over time. Fortunately, almost every solar installer in the area provides financing options. Solar loans greatly decrease upfront costs for most homeowners, but they also lead to higher prices over time because of interest.When estimating your overall cost, you should also calculate the interest you’ll pay if you go with a solar loan. Also, paying a higher down payment can lower the total interest paid over time.
Solar Panel Installation Company
The solar installer you go with to handle your switch to green energy can play a role in your total costs. There are about 3 solar panel companies operating in Cold Spring, and each can charge different amounts for labor and equipment.The company’s size can sometimes play the most significant role in the installation costs. Larger national companies, like SunPro and Sunrun, often have lower prices because of greater resources and bulk pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or discount can bring their pricing lower to compete with bigger companies.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $4.19 | $17,603 | $9,802 | 16.1 years |
| 8 kW | $4.11 | $23,019 | $13,520 | 15.7 years |
| 10 kW | $4.03 | $28,210 | $17,465 | 15.4 years |
| 12 kW | $3.95 | $33,175 | $21,635 | 15.1 years |
| 14 kW | $3.87 | $37,914 | $26,030 | 14.8 years |
| 16 kW | $3.79 | $42,428 | $30,652 | 14.5 years |
| 18 kW | $3.71 | $46,716 | $35,499 | 14.2 years |
| 20 kW | $3.63 | $50,778 | $40,571 | 13.9 years |
How to Save on Solar Panels
There are numerous companies available in Cold Spring, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be tough, so here are some tips to help you decide:
- Installation Process: Get detailed information from your solar installer about the installation process and what to expect, such as when the site survey will be done and what the project timeline is.
- Reputation: Solar companies that have great reviews from their customers and that have been in business for many years most likely provide high-quality solar panel installation and expertise.
- Warranty: A comprehensive, 25-year warranty can help keep your solar panel system running for years to come and save you money on part replacement and repairs.
- Solar Panel Brands: Different companies will carry various brands and models of panels. If you want a specific brand, make sure the solar panel company you’re considering has it.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
EcoWatch's Cold Spring, MN Solar Cost FAQs
What is the average cost of installing solar panels in Cold Spring?
This is a tough question to answer exactly, because the cost depends on a few different factors. Generally speaking, it costs about $20,150 for a 5-kW system and $40,300 for a 10-kW system after the ITC is applied. It will cost more if you want other solar equipment or higher quality panels, or if you have above-average energy consumption. On the other hand, you can spend less if you go with a smaller solar panel system or cheaper solar panels.
Is cost the most important consideration when buying solar panels?
Cost is a crucial factor to consider, but whether it’s the most important for you depends on why you decided to go solar. In cities where rooftop space is limited, efficiency can trump the cost. Other factors that are important to think about are the quality and durability of your solar panels.
Is it worth going solar in Cold Spring?
Whether or not solar panels are worth it depends on some different factors like the cost of electricity near you and how much direct sunlight your roof gets.
How often do you have to replace solar panels?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger amount of energy production.
Our goal is to reach as many people as we can with sensible solutions like solar energy. Our team of full-time local researchers collects solar price and installation data for every city in America then compiles it to create these digestible city guides. If you want to read our solar expert's opinion on the top solar companies featured here, follow this link.
Company research was conducted by Melissa Smith and Karsten Neumeister. Local data analysis was conducted by James Savino. See something we missed or could do better? Email the editor.